Othellotech is correct about Tip#7. You can just buy a variation of the name to account for similar numbers and words or misspellings. Also, what are your thoughts on TLDs? I think a lot of non-IT people in the US ignore the TLD when you read the name to them out loud, and they just type in .com by default.

I strongly believe that the domain should be short, memorable, descriptive, and catchy..
A good domain is good money in your pocket!

I agree that good domains should be short and easy to remember. But sometimes long domains pay you much if they are keyword rich. Short domains without any keyword will demand more branding while if domains are keyword rich, no matters if it is long also; will demand less branding as compared to former case.

I also want to add another tip to your list, that is to never choose a timely term in the domain like BeijingOlympics2008.com (unless you are using it for a purpose), because once itís past, the whole domain is pretty much useless for monetization or reading.

Yes, I agree with that. Don't lost your money for limited time domain (like year, month,...) until you have a plan to make "Holiday" site: Christmas, Happy New Year,...

I liked 'Tip #7' as it can mess up with viral promotion of a website, there is huge difference between listening and reading a domain name which decided how one types it in the address bar of a browser.

I strongly believe that the domain should be short, memorable, descriptive, and catchy..
A good domain is good money in your pocket!

You see this tip a lot. Trying to get a descriptive domain name. I strongly disagree. By far the best brands on the internet are not really descriptive. Amazon, google and yahoo are all unique names, which at the start had no apparent meaning for visitors. A name should be memorable and most of the times memorable names are the opposite of descriptive names.

Find a unique name that sounds good and that catches on to the mind. That should be your first priority. The name can even be somewhat long (10 characters is really doable), as long as its memorable thats ok.